Bitcoin operates without a central authority or bank; managing transactions and issuing bitcoins are handled collectively by the network.
Peer-to-peer technology allows bitcoin to operate without a central authority or a bank; transactions and bitcoin issuance are both coordinated by the network. Bitcoin’s design is open-source, nobody owns or controls it, and anyone can use it. The unique properties of Bitcoin allow it to be used for a variety of purposes that could not have been covered by any previous payment system.
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